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BB waiting out rough weather

UNB, Dhaka
Bangladesh Bank will wait for a suitable timing to reinvest the “now absolutely protected” foreign currency reserves it earlier diverted to safe deposits, mostly with the central banks of other countries, in the wake of global financial crisis.
"We'll have to do it... we ll do it as soon as we'll feel confident,” Deputy Governor Ziaul Hassan Siddiqui told a press briefing at Bangladesh Bank yesterday.
He said the international money and capital markets bounced back only for last two days, which was not enough to consider reinvestment of the fund to get better returns.
"At this moment, we're trying to protect our principal amount,” he added, replying to a question.
The central bank invests the entire reserve of foreign currencies, which stands at $5.6 billion as of Tuesday, in the international money market at market rates.
But in the wake of global financial crisis, it started pulling the investments from the banks and financial institutions of different countries to the safe places of central banks of the respective countries, said the deputy governor.
Siddiqui added that the rate of return on investment in the central banks would be 2 percent (average) lower than the market rates.
Asked whether Bangladesh Bank would go for rate cuts as many countries had done to face the crisis, Siddiqui said the reality was th at many commercial banks went to the Bangladesh Bank yesterday to deposit money. "It reflects that there is excess liquidity in the banking system."
Replying to another question, he said Bangladesh Bank would still maintain the cautious stance to avert any
emerging situation although all the money has already been protected.
“There is no reason of adverse impact on the country’s financial sector (due to the global financial crisis)," he said, mentioning the steps the central bank had taken long back.
Elaborating, he said the central bank has pulled the forex to safer places -- central banks of different countries, while commercial banks have been asked to take necessary' measures to protect their funds held outside the country.
Meanwhile, the countries severely affected by the financial crisis also assured that they would, by any means and whatever may be the cases, protect the deposits with banks and financial institutions of their countries.
"We're now in a position that we've bare, bare minimum risk even if the countries do not support us,” said the deputy governor.
He rejected any possibility of affecting the country's capital market having foreign portfolio investment of 2.48 percent of the total securities. "Our market will not be affected even if the entire foreign investment (now in the country) goes away,” he said.
Siddiqui, however, said he does not think that the investment would go away as Bangladesh's financial sector is much less risky than anywhere else.